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  • FIRST POST
    • EachPenny
    • By EachPenny 11th May 17, 8:37 PM
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    EachPenny
    Any 0% BT cards for low incomes but good credit history?
    • #1
    • 11th May 17, 8:37 PM
    Any 0% BT cards for low incomes but good credit history? 11th May 17 at 8:37 PM
    I have a balance of about £1000 on a card coming up to the end of the 0% period. I'm currently living on income from savings and investments, so can only truthfully claim an annual income under £5k for this year.

    I did a soft check with the MSE calculator for a balance transfer card and got a 90% with a high street bank I already have a relationship with. Being extra cautious I called to find out if my low income would be an issue and was told all was well. I did an online application and got a 'decline'.

    Are there any 0% balance transfer cards which are more likely than others to accept someone on a low income but with a good credit history?

    I have a larger stooze fund coming to the end of a deal later this year, so I want to be cautious in case declined applications now ruin my chance of getting something else later. I'm expecting to have to write off at least part of the £1000 now in order to have any chance of keeping the bigger pot.

    Any ideas gratefully received.
    "In the future, everyone will be rich for 15 minutes"
Page 1
    • molerat
    • By molerat 11th May 17, 8:59 PM
    • 16,460 Posts
    • 10,634 Thanks
    molerat
    • #2
    • 11th May 17, 8:59 PM
    • #2
    • 11th May 17, 8:59 PM
    I would say I qualify as relatively low income and MSE show me as very weak affordability. Successfully opened BT cards with Tesco, Halifax and Virgin this year equalling my annual income on top of my already held cards which also equal my income.
    Last edited by molerat; 11-05-2017 at 9:07 PM.
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    • EachPenny
    • By EachPenny 11th May 17, 9:45 PM
    • 1,092 Posts
    • 883 Thanks
    EachPenny
    • #3
    • 11th May 17, 9:45 PM
    • #3
    • 11th May 17, 9:45 PM
    I would say I qualify as relatively low income and MSE show me as very weak affordability. Successfully opened BT cards with Tesco, Halifax and Virgin this year equalling my annual income on top of my already held cards which also equal my income.
    Originally posted by molerat
    Thanks molerat. Tesco want a minimum income of £5k, Virgin said no via their own online soft checker.

    Will try Halifax, thanks for the suggestion.
    "In the future, everyone will be rich for 15 minutes"
    • EachPenny
    • By EachPenny 11th May 17, 9:56 PM
    • 1,092 Posts
    • 883 Thanks
    EachPenny
    • #4
    • 11th May 17, 9:56 PM
    • #4
    • 11th May 17, 9:56 PM
    Will try Halifax, thanks for the suggestion.
    Originally posted by EachPenny
    Nope, I won't be getting a little extra help from them.
    "In the future, everyone will be rich for 15 minutes"
    • Superscrooge
    • By Superscrooge 12th May 17, 1:44 PM
    • 823 Posts
    • 577 Thanks
    Superscrooge
    • #5
    • 12th May 17, 1:44 PM
    • #5
    • 12th May 17, 1:44 PM
    You mention a £1,000 debt, another larger debt and an income of only £5k. So you are almost certainly being rejected on affordability.

    I suggest rather than trying individual credit card eligibility checkers. Try the MSE eligibility checker which will check all credit cards and give you an indication of which are likely to accept you
    • Candyapple
    • By Candyapple 12th May 17, 1:49 PM
    • 2,059 Posts
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    Candyapple
    • #6
    • 12th May 17, 1:49 PM
    • #6
    • 12th May 17, 1:49 PM
    You mention a £1,000 debt, another larger debt and an income of only £5k. So you are almost certainly being rejected on affordability.

    I suggest rather than trying individual credit card eligibility checkers. Try the MSE eligibility checker which will check all credit cards and give you an indication of which are likely to accept you
    Originally posted by Superscrooge
    The OP already did.

    I have a balance of about £1000 on a card coming up to the end of the 0% period. I'm currently living on income from savings and investments, so can only truthfully claim an annual income under £5k for this year.

    I did a soft check with the MSE calculator for a balance transfer card and got a 90% with a high street bank I already have a relationship with. Being extra cautious I called to find out if my low income would be an issue and was told all was well. I did an online application and got a 'decline'.

    Are there any 0% balance transfer cards which are more likely than others to accept someone on a low income but with a good credit history?

    I have a larger stooze fund coming to the end of a deal later this year, so I want to be cautious in case declined applications now ruin my chance of getting something else later. I'm expecting to have to write off at least part of the £1000 now in order to have any chance of keeping the bigger pot.

    Any ideas gratefully received.
    Originally posted by EachPenny
    If you've been declined twice now, I would forget about making any more applications.

    Is you income situation likely to change in the next 6 months/year?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • EachPenny
    • By EachPenny 12th May 17, 8:56 PM
    • 1,092 Posts
    • 883 Thanks
    EachPenny
    • #7
    • 12th May 17, 8:56 PM
    • #7
    • 12th May 17, 8:56 PM
    You mention a £1,000 debt, another larger debt and an income of only £5k. So you are almost certainly being rejected on affordability.
    Originally posted by Superscrooge
    Possibly, but the bank that actually declined me knew my income already, were aware I was looking at up to £1000 BT, and that both card balances are less than the amount I have deposited in savings with them. They said that looked fine, but it was the computer which said 'no' - quite possibly because it determined (quite rightly) that I am a 'p' taking stoozer with no intention of letting them gain a penny of my money as a result of obtaining the card
    "In the future, everyone will be rich for 15 minutes"
    • EachPenny
    • By EachPenny 12th May 17, 9:17 PM
    • 1,092 Posts
    • 883 Thanks
    EachPenny
    • #8
    • 12th May 17, 9:17 PM
    • #8
    • 12th May 17, 9:17 PM
    If you've been declined twice now, I would forget about making any more applications.

    Is you income situation likely to change in the next 6 months/year?
    Originally posted by Candyapple
    It is only one proper decline, the others have all been soft enquiries - I wasn't going to make a second proper application unless I knew I'd got a reasonable chance. I've also made a complaint to the declining bank who suggested - surprisingly - that they may be able to remove the search from my credit history, though I'm not really expecting anything to come of that.

    My income situation will only change if interest rates start rising, or I go back to work. Given the maximum amount I could gain by stoozing the £1000 for another year (it would barely cover the cost of the train fare to a job interview) I'm not inclined to go back to work just to qualify for a credit card

    I also get a letter today regarding a complaint I'd made relating to the £1000 card - the compensation offer is equivalent to a 10% return so I think I just have to say it was good while it lasted and let this one go. Some we win, some we lose.

    Many thanks for the advice though.
    Last edited by EachPenny; 12-05-2017 at 9:21 PM. Reason: Typo
    "In the future, everyone will be rich for 15 minutes"
    • Superscrooge
    • By Superscrooge 13th May 17, 8:38 AM
    • 823 Posts
    • 577 Thanks
    Superscrooge
    • #9
    • 13th May 17, 8:38 AM
    • #9
    • 13th May 17, 8:38 AM
    it was the computer which said 'no' - quite possibly because it determined (quite rightly) that I am a 'p' taking stoozer with no intention of letting them gain a penny of my money as a result of obtaining the card
    Originally posted by EachPenny
    That's what the computer thinks of me as well!.

    A couple of years ago when I retired and had a bit more time I began stoozing. Partly to save money and partly out of curiosity to see how much 0% debt I could acquire.

    Initially it was easy, eligibility checkers giving high rates of acceptance for nearly all cards.

    Once my debt exceeded £15k it became progressively more difficult, although some CC's would still accept me.

    Now I have £30k CC debt. But further 0% offers have dried up.

    Others with a higher income might be able to secure a larger stooze pot But £30k appears to be the max unsecured debt that I can obtain.
    • EachPenny
    • By EachPenny 13th May 17, 3:51 PM
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    • 883 Thanks
    EachPenny
    That's what the computer thinks of me as well!.
    Originally posted by Superscrooge
    They are obviously on to us!

    I got another card offer letter in the post this morning from a bank who appeared near the bottom of the 'you're having a laugh!' section of the MSE checker.

    I don't understand why they have wasted their effort in luring me with high interest on a current account so they can cross-sell me, send me letters to clinch the cross-sell, but fail to notice my income is way below the minimum threshold they want me to have. If only I could run the bank's marketing strategy departments for a day
    "In the future, everyone will be rich for 15 minutes"
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